PBA chief urges supportive measures for banking sector

KARACHI:

Pakistan Banks Association (PBA) Chairman Zafar Masood said on Monday that the Federal Board of Revenue (FBR) should not push the banking sector toward default and suggested that the authorities review the implementation of taxes on the income of this sector.

Addressing the Pakistan Banks Association (PBA) Banking Summit, Masood requested Finance Minister Muhammad Aurangzeb to provide facilities to government sectors and institutions and avoid burdening them with forced decisions.

“The banking sector collected Rs30 billion in revenue for the government in a single day. It is the top taxpayer in Pakistan and has surpassed the oil and gas sector in tax payments,” Masood told the gathering.

“The PBA is collaborating with priority sectors to strengthen the financial ecosystem, in addition to working on data exchange with the FBR. The aim of the banking summit is to align with industry leaders and international players,” he added.

To promote national economic stability, Masood said, agriculture, digital and housing were among the priority sectors. He stressed that the banking sector should not be held responsible for the non-disbursement of loans. “Instead, the industry should improve documentation.”

PBA Secretary Munir Kamal and Summit Committee Chairman Atif Bajwa were also present on the occasion.